Monsanto to acquire Seminis
Monsanto to acquire Seminis
ST. LOUIS -- Monsanto Co. announced that it signed a definitive agreement to acquire Seminis Inc. for $1.4 billion in cash and assumed debt, plus a performance-based payment of up to $125 million payable by the end of fiscal year 2007.
"The addition of Seminis will be an excellent fit for our company as global production of vegetables and fruits, and the trend toward healthier diets, has been growing steadily over the past several years," Hugh Grant, chairman, president and chief executive officer of Monsanto, said in a Jan. 24 statement. "Seminis is uniquely positioned to capitalize on this fast-growing segment of agriculture, and the acquisition likewise expands Monsanto's ability to grow. We look forward to furthering the growth and leadership position established by Alfonso Romo and his team as the Seminis business is an important extension to our agricultural seeds platform."
Seminis is the global leader in the vegetable and fruit seed industry, the statement said, and its brands are among the more recognized in the vegetable-and-fruit segment of agricultu
Seminis supplies more than 3,500 seed varieties to commercial fruit and vegetable growers, dealers, distributors and wholesalers in more than 150 countries around the world.
"Ten years ago, we established Seminis with the vision of building the world's market leader in the vegetable and fruit seed industry. Through the support of our management team, we successfully built a research and marketing platform to serve growers, food companies and consumers," Alfonso Romo, current chairman and chief executive officer of Seminis, said in the statement. "I believe Seminis can continue to realize this vision and achieve its full potential as part of Monsanto. We are bringing a complementary technology base and specialized expertise that can not only support economic growth for farmers, but contribute to the health and nutrition of consumers on a global scale."
Bruno Ferrari, currently the president and chief operating officer of Seminis, will continue to lead Seminis, which is expected to become a wholly-owned subsidiary of Monsanto upon completion of the acquisition.
The Seminis business will report to Brett Begemann, executive vice president for Monsanto.
"The addition of Seminis will be an excellent fit for our company as global production of vegetables and fruits, and the trend toward healthier diets, has been growing steadily over the past several years," Hugh Grant, chairman, president and chief executive officer of Monsanto, said in a Jan. 24 statement. "Seminis is uniquely positioned to capitalize on this fast-growing segment of agriculture, and the acquisition likewise expands Monsanto's ability to grow. We look forward to furthering the growth and leadership position established by Alfonso Romo and his team as the Seminis business is an important extension to our agricultural seeds platform."
Seminis is the global leader in the vegetable and fruit seed industry, the statement said, and its brands are among the more recognized in the vegetable-and-fruit segment of agricultu
Seminis supplies more than 3,500 seed varieties to commercial fruit and vegetable growers, dealers, distributors and wholesalers in more than 150 countries around the world.
"Ten years ago, we established Seminis with the vision of building the world's market leader in the vegetable and fruit seed industry. Through the support of our management team, we successfully built a research and marketing platform to serve growers, food companies and consumers," Alfonso Romo, current chairman and chief executive officer of Seminis, said in the statement. "I believe Seminis can continue to realize this vision and achieve its full potential as part of Monsanto. We are bringing a complementary technology base and specialized expertise that can not only support economic growth for farmers, but contribute to the health and nutrition of consumers on a global scale."
Bruno Ferrari, currently the president and chief operating officer of Seminis, will continue to lead Seminis, which is expected to become a wholly-owned subsidiary of Monsanto upon completion of the acquisition.
The Seminis business will report to Brett Begemann, executive vice president for Monsanto.
